AI抢电力合同，比特币矿工陷入两难——减半压力下的行业洗牌

【Crypto World】AI data centers have been moving quickly over the past two years, signing large-scale long-term power contracts and offering higher bids to power companies. This has directly squeezed Bitcoin miners—competition for low-cost electricity is becoming increasingly fierce. As a result, many mining companies are forced to choose: either sell BTC at a loss or switch to AI facility operations.

This shift may seem small, but its impact is significant. Bitcoin mining originally helped balance the grid by shaving peaks and filling valleys, allowing miners to turn off flexibly during peak electricity usage. But AI equipment is different; its power demand needs to be continuous and stable, which removes the flexibility for miners. The final outcome? The grid loses an important buffer mechanism.

Plus, with Bitcoin just having completed its halving, miners’ profits are already under pressure. When this wave of electricity competition hits, small and medium-sized mining companies can’t hold on, accelerating industry reshuffling. Large mining farms are merging with smaller ones, and the level of network decentralization may decline accordingly. This is no small matter—decentralization is a core value of Bitcoin.